Esteemed shareholders,

We hereby present you the results registered by SIF Moldova for the first quarter of 2018 and the objectives of the following period, in agreement with the “2018 Activity Program” and multiannual strategies approved in the General Meetings of Shareholders.


Portfolio Structure

The quoted shares portfolio (CORE) holds the main weight of 79% of total managed assets value, while the weight of the unquoted shares has been of 6,8%, based on the reorientation of investment policy. We have maintained the financial and energy sectors, 45,8% namely 18,8%, reported to total assets value, as the main sectors in portfolio structure. We have continued the restructuring process for the SELL portfolio, reducing the number of holdings by 8 in comparison to Q1 2017, through full sale and increase of issuer exposure, especially in the CORE portfolio, with positive effects on the performance of the entire portfolio.


The total value of assets under management has reached 2.075 mil lei, an increase by 13% in comparison to Q1 2017. The net asset value per share (NAV per share) of 1,93 lei in Q1 2018, registers an increase by 15% in comparison to Q1 2017, while SIF2 share price has reached a value of 1,53 lei, an increase by 77% compared to Q1 2017. These evolutions have led to the reduction of SIF2 price / NAV per share discount from 49% in Q1 2017 to 21 % in Q1 2018.




Yours sincerely,
Costel Ceocea